A machine with a cost of 100K and accumlated depreciation of 80K was sold at a loss of 6K. What amount of cash was received from the sale? My answer is 74K. Is this correct?
pready
Feb 18, 2009, 08:37 PM
Debit Cash for 14K
Debit Accumulated Depreciation for 80K
Debit Loss on Sale for 6K
Credit Machine 100K